Data published by the Federal Statistical Office (Destatis) showed that in April, producer prices rose by 0.2% after a similar increase in March. Economists also expected growth of 0.2%. In annual terms, producer prices fell by 3.3%, accelerating compared to March (-2.9%). Consensus estimates suggested a 3.2% drop. It was the tenth straight month of decline.
Destatis said that lower energy prices continued to be the main reason for the year-on-year decline in producer prices. In April, energy prices decreased by 8.2% per annum, and decreased by 0.1% on a monthly basis. Lower prices for natural gas and electricity had the biggest influence on the year-on-year rate of change for energy. Across all customer groups, gas prices declined by 18.0% per annum and by 1.0% mom. Electricity cost 14.0% less in April 2024 than in April 2023 across all customer groups. Compared with March 2024, electricity prices increased by 0.1%. Meanwhile, intermediate goods prices fell by 3.1% per annum and increased by 0.3% compared to March. The prices of non-durable consumer goods increased by 0.3% per annum and by 0.4% m/m. Food prices in April 2024 were down slightly (-0.4%) from April 2023 (+0.5% month on month). Durable consumer goods were 1.0% more expensive in April 2024 than in April 2023. Compared with March 2024, the prices of durable consumer goods were up 0.1%. Capital goods prices rose by 2.4% year on year and by 0.2% compared with March.
The data also showed that in April, the producer price index excluding energy fell by 0.6% per annum and increased by 0.3% compared to March.